HOW BANKS CAN THRIVE IN AN API ECONOMY - Financial Services Technology Advisory: Perspectives on Agile IT - Accenture
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APIs: THE DIGITAL GLUE HOW BANKS CAN THRIVE IN AN API ECONOMY Financial Services Technology Advisory: Perspectives on Agile IT
To keep up with the increasing
competition from firms inside and
outside the industry, banks should
provide innovative services at the
same rate as other smaller, leaner
organizations do.
While there are many technologies available to In response to competitive and/or regulatory
help banks become more competitive (such as pressures over the past decade, many banks
artificial intelligence (AI), biometrics and machine have begun using APIs within their information
learning), banks should also have built-in accelerants technology systems. But, as recent research
to generate innovation-to-market at high speed. indicates, only a few have realized the full
Application Programming Interfaces (APIs), potential of an API-driven architecture.
if used correctly, can become those accelerants.
APIs are much more than a technology
In combination with a clear and concise solution. To take full advantage of APIs,
Open Banking strategy that offers a secure banks have to re-think their approach to API
way to share data among registered service adoption, address technology for API enablement,
providers and third parties, APIs can serve as consider governance for API delivery and
the building blocks for banks’ efforts to connect measures to activate the API ecosystem—
and re-connect with their customers. By taking the four pillars of the “API Economy.” To do
advantage of APIs’ unique abilities to facilitate so, it is helpful to take a step back and gain
communications and transactions, and by a deeper understanding of what APIs are and
embracing an API-driven architecture, banks the role they play in the banking environment,
can transform themselves to unlock new and the bank’s Open Banking ecosystem.
sources of business value.
Open APIs and open platform
banking are set to change
the shape of financial
services completely.
2 HOW BANKS CAN THRIVE IN AN API ECONOMYAPIs: A VERY SHORT
HISTORY
The application programming Examples include web search services from
a firm like Trivago N.V., retail companies such
interface is not a new concept, as eBay Inc. and Amazon.com, Inc. and telecom
as APIs have been used in companies such as Cisco Systems, Inc. Estimates
corporate IT settings for more are that “Salesforce.com generates 50% of its
revenue through APIs, Expedia.com generates
than 20 years. 90% and eBay, 60%.”1
What has changed is the expanded use of API use has expanded quickly and according
APIs. Once limited to specific internal software to a 2016 Apigee report (now part of Google
applications (apps)—primarily to reduce operational LLC) the “media, retail, and information services
overhead—APIs have now entered the mainstream. industries account for 73% of API traffic.”2
We expect usage to continue to grow, yet for
Open APIs have allowed companies to create a variety of reasons, banking and financial
new business models by offering services services industries have lagged behind other
to their customers based on assimilation and industries in API adoption, but this is changing,
redistribution of data, products and services from and banks are rapidly increasing their use of APIs.
other providers—by directly consuming their APIs.
73%
The API traffic accounted
for by the media, retail, and
information services industries.
Source: The State of APIs—2016 Report on Impact of APIs
on Digital Business, Apigee
3 HOW BANKS CAN THRIVE IN AN API ECONOMYTHE FORCES BEHIND
API ADOPTION
To understand why banks 3. Newly Empowered Customers
are where they are on their Bank customers have become vastly more
tech-savvy and sophisticated, in part through
API journeys, it is important their dealings with internet giants such as Google
to understand the factors and Amazon. They are open to offerings from
that have driven banks new entrants and expect the same level of service
and innovation from their traditional banks.
toward API adoption. With customer attrition rates (to challenger banks)
beginning to rise, traditional banks are looking at
1. Regulation ways to provide an improved customer experience
In Europe and other geographies, a big and better product and service offerings, in part
push toward API adoption has come from by associating themselves with fintechs. All of this
new regulatory initiatives such as Payment is powered by API-driven architecture.
Services Directive 2 (PSD2) and Open Banking.
These regulations are mainly aimed at making 4. Search for New Revenue Streams
banks “open” to new market entities, both to Many banks are facing slow growth in their
foster innovation and to benefit end customers. traditional businesses and have been looking
APIs provide a widely agreed upon (and highly to identify and develop new revenue streams.
secure) method for banks to “open up.” APIs open possibilities for growth, either by providing
traditional services to new customers or by creating
While not all countries and regions have gone
and distributing new product offerings.
down this regulatory route, where there has
been regulation, it has been a major factor In addition, banks that are adopting technologies
in API adoption. such as AI, machine learning, and cloud are finding
that APIs support these implementations. APIs allow
2. New Competitors easy integration and help internal business units
The financial services industry is seen as ripe for and functions exchange information with each
disruption. This has attracted new competitors other and with external partners and/or customers
such as fintech firms, challenger banks and in a consistent and secure way.
neo-banks that use technology to challenge
traditional banking models and practices.
Incumbent banks are reacting by trying to
change quickly, innovate and participate in
ecosystems, all of which is facilitated by APIs.
4 HOW BANKS CAN THRIVE IN AN API ECONOMY5 HOW BANKS CAN THRIVE IN AN API ECONOMY
THE DIGITAL GLUE OF
THE MODERN BANK
APIs are a digital glue holding The Competitive Advantage
modern banks (and other of the API-Driven Bank
organizations) together. Banks that create and maintain a true API-driven
architecture can realize significant competitive
APIs allow banks to exchange data within the advantages, including the ability to deliver
organization and across its ecosystem, which helps customized services via intuitive, compelling
them support existing products more efficiently digital interfaces. Our research indicates that
and become data-driven institutions that provide banks that embrace the new API-driven Open
a broader range of products to their customers. Banking initiatives can expect a potential revenue
uplift of 20 percent, while those falling behind
An API-driven architecture is an agile framework that are at risk of losing 30 percent of revenues
lets users build, publish and consume APIs at scale by 2020 to disruptive industry players.3
and speed. By helping connect existing systems to
each other, APIs increase the organization’s flexibility Banks can connect their core systems to provide
and make it easier to bring new products and services integrated customer experiences and, reduce
to market, thereby generating new revenue streams. the time it takes to develop and launch new
offers, products and services while also reducing
The correct mix of internal, partner and public the upfront expense required to create a new
APIs could increase efficiencies and reduce time product or service. In some cases, large banks
to market for introducing new features and products could also offer API as a Service (APIaaS) to
targeted toward an increasingly demanding smaller banks, thereby monetizing their new
customer. Progressive banks are adopting the use API infrastructure and shortening the ROI cycle.
of specialized internal APIs, which are discrete, The ultimate objective should be a central place
autonomous and specifically designed to do a given for the bank in a vibrant ecosystem that offers
task. Commonly called “microservices,” they allow customers not only value and convenience but
banks to bring a level of abstraction on top of also a highly enjoyable, personalized experience.
their legacy platforms, thereby greatly reducing
integration costs and effort. These microservices APIs should be at the core of new banking
can be coupled together to create new, simplified business models. Numerous banks have taken
and commercial external (public) APIs that are initial steps, but many are struggling to get it
designed to solve a business problem or to right. Instead of being highly agile, with APIs
create new value propositions for customers. integrated throughout the ecosystem, these banks
are still slow to implement changes. There is
In the new, evolving banking landscape, banks a lack of clarity as to how to monetize their APIs.
are expected to actively interact with a variety These seem to be a long way from realizing the
of vendors, alliances and partners to create the full benefits of API-driven architecture, including
most differentiated and simplified offerings for providing a better customer experience and
their customers. APIs form the basis of how banks faster development and delivery of new
interact with these “ecosystem” vendors, alliances products and product enhancements.
and partners, emulating models that are already
proving their effectiveness in other industries
such as travel and telecommunications.
6 HOW BANKS CAN THRIVE IN AN API ECONOMYCHALLENGES TO
API IMPLEMENTATION
Banks face significant A Fragmented Approach
challenges on the path Without strategic steering at the senior
level, API programs run the risk of fragmented
to realizing the benefits implementation. An API-first approach in one area
of API-driven architecture might not be adopted in another, even though
and business models. both use the same delivery channel and even the
same back-end platform. Multiple and sometimes
While banks are becoming increasingly aware duplicative development efforts in different
of the benefits of an API-driven architecture lines of business and/or different geographies
and many incumbent banks have started can increase expenses and reduce ROI.
developing APIs in some shape or form, the path
to “success” is hampered by factors including: New Business Models
APIs present a new business opportunity
A Reactive Start to banks that calls for a model that is very
Many banks have taken a reactive approach different from the typical own channel/own
to API adoption. API programs cobbled product model. Business stakeholders may
together without a strategic vision, including have a limited, technology-only view of APIs,
a clearly defined Open Banking strategy, run the limiting banks’ ability to monetize their APIs
risk of turning into capital expenditure-heavy IT and generate new revenues.
programs, with spiralling costs and limited ROI.
Other challenges include a strict focus on
cost reduction hampering knowledge transfer
Legacy Systems
between teams, development teams working
Many large banks run on legacy systems
in silos rather than across the organization,
based on monolithic architecture and bespoke
the absence of a consistent data architecture,
interfaces. These systems are often too critical,
a lack of clarity regarding data ownership,
too risky and too expensive to replace, limiting
data security and data protection regulations like
banks’ ability to bring new products to market.
the General Data Protection Regulation (GDPR).
7 HOW BANKS CAN THRIVE IN AN API ECONOMYTHE FOUR PILLARS
OF EFFECTIVE API
MANAGEMENT
In our view, effective API management
for banks rests on four pillars:
1 2 3 4
Approach Technology Governance Ecosystem
Management
8 HOW BANKS CAN THRIVE IN AN API ECONOMYAPPROACH
A business-driven approach is the cornerstone Jeff Bezos, the founder, chairman, president
of effective API management. As shown in and CEO of Amazon, famously mandated all
Figure 1 below, transforming an organization to internal teams and systems to communicate
an API-driven architecture requires a significant using APIs. This was a critical element in turning
change in the way products and services are his firm into the platform giant it has become.4
conceptualized and delivered by IT teams.
Without a mandate from the top and a clear
Factors that can support this shift include: strategic vision, large banks run the risk of
a fragmented API implementation, which
Mindset – The API-first mindset should be leads to a duplication of effort and low levels
adopted by the bank across all levels of business of reusability. This can drive expenses up and
and IT functions. APIs are not just another IT reduce the benefits of API-led architectures.
system; they represent a radically new concept.
Business stakeholders should think in terms Reusability – The culture of reusability is
of building new value propositions that can be another key element in building a true API-
offered via APIs to fulfil their customers’ needs. driven organization. Before building anything
new, business and design teams should look
Top-Down Approach – Bank leadership should at what exists and assess if and how it can be
emphasize an API-first mindset and stress the re-used. The concept of “reuse the built and
role of APIs both in building new solutions and build for reuse” embraced across business and
in serving as the vehicle through which they IT teams helps to develop a culture of reuse.
are provided to customers. This can be further reinforced by establishing key
performance indicators (KPIs) for reuse of APIs.
Figure 1. API Adoption Approach
Implement measures to increase proficiency and skills available within the organization
and to drive API adoption, as well as augment with external skills where required
PRODUCT (API) CONCEPTUALIZATION
• Ideas for APIs are part of business strategy • Create and cleanse an API demand backlog
and product/proposition design • Technology and business teams engage to
• Business owners create an ecosystem of create API definition and functionalities
alliances, competitors and independent • Development teams build APIs and integrate
developers to propose APIs with underlying services/data
• Analyze market gaps and create an API • APIs are tested according to quality and
portfolio to offer a full suite of products/ DISCOVER BUILD compliance standards and guidelines
services fulfilling the business needs
• Consider product-specifics, e.g. how to SOCIALIZE RUN AND • With runtime operations API is available for
monetize, competition with existing products, AND EVOLVE customers and is able to react quickly if there
marketing and brand alignment, legal terms are issues to be resolved
and conditions, etc. for each API product
PUBLISH
• Promote APIs and build an ecosystem
• Deploy API fulfillments to production and around them
publish the API definition on the API • Monitor API use and gauge adoption
repository and socialization platform
• Monetize APIs and attain business outcomes
API PORTFOLIO MANAGEMENT
Manage demand and supply of APIs based on business needs and
Source: Accenture, April 2019 capabilities available internally and externally to the organization
9 HOW BANKS CAN THRIVE IN AN API ECONOMYTECHNOLOGY
The appropriate technology decisions are essential API Catalog Management – Discoverability is
to any effective API transformation program. a key factor in allowing API reuse. A robust and
Banks looking to adopt an API-first approach structured API catalog makes APIs discoverable and
should consider technological factors including: supports the culture of reuse. The importance of
making APIs discoverable is vastly underestimated
API Management Platforms – These are in the industry, often leading to multiple redundant
critical components in the target architecture. APIs serving the same purpose. All APIs, internal or
They provide key capabilities, ranging from API external, should be well documented and published
repositories to security policy enforcements and on an intelligent catalog management system.
the management of traffic as needed, to protect
back-end systems and prevent denial of service Monitoring – A variety of monitoring capabilities
(DDOS) attacks. Modern API management solutions is required for effective API management that
provide additional features such as analytics, tracks elements such as usage statistics, who
enhanced reporting of fraud management, consumes APIs and more. These are essential
and developer portal integrations (see Figure 2). in decommissioning any redundant APIs and
in creating a more structured and sustainable
Microservices Architecture – Banks should approach to how APIs are created and consumed,
consider options to reduce complexities imposed both internally and externally.
by legacy technologies. Ideally, every platform
within the bank should communicate exclusively
via microservices, while any cross-platform apps
should be based on microservices built on top
of these legacy platforms.
Figure 2. API Management Platform Overview
CHANNELS API MANAGEMENT LAYER CHARACTERISTICS
IOT Collaboration Customer Alliance and Omni Security
Devices Apps Apps Partner Apps Channel Transformation Mediation
Traffic
Monetization Management
SECURITY LAYER API MANAGEMENT LAYER
Alliance
Identity and Partner
Authentication API Gateway Analytics Customization
Management
MESSAGING AND SERVICES LAYER
API
Business Process API� Mobile
Enterprise Service Business APIs
Management Documentation Enhancement
Service A Service B Service n
Developer Scale to�
Authentication Multiple
Regions
SYSTEMS OF RECORD Onboarding Versioning
Lending Cards Payments Core Financials CRM Other
Banking
Source: Accenture, April 2019
10 HOW BANKS CAN THRIVE IN AN API ECONOMYGOVERNANCE
Strong governance and efficient processes help Each business and/or operating unit shall have
create the framework for effective API architecture a small to medium-sized API team managing
delivery. As shown in Figure 3, a multi-tiered both unit-specific developments (such as new
governance structure can help promote re-use of product development) and operational activities.
assets and allow for API delivery at scale and at speed. These teams use the guidelines and frameworks
established by the central team and submit
Figure 3 also outlines a possible tiered their designs to central design authority,
governance structure and key members: before commencing delivery.
Central Teams – In the top tier would be a Delivery Teams – To create a final API product,
central team, responsible for managing/socializing design teams then engage with the delivery teams.
architecture and design standards, preferred practices, For API delivery, DevOps is a great way to develop
patterns, governance frameworks and processes, new products using agile methods. The delivery
developer engagement, accelerators, common API is carried out by DevOps pods (small dedicated
platforms and associated tooling. This team acts as a delivery teams), supported by capability centers
central design authority and crucial quality gate for all in the business units and based on common
APIs developed across business and operating units. frameworks and standards defined by central teams.
Business Unit Design Teams – In the center With these teams up and running, an overarching
tier are the business unit-specific design teams. structure allows all APIs to follow the same
Business units shall institutionalize their own API standards and reduce duplication of effort.
Capability Centers with clearly defined leadership
roles to establish/run API governance and align
to global standards, patterns and preferred
practices for federated execution.
Figure 3. Federated Structure for API Delivery (for illustrative purposes)
CENTRAL
TEAMS
PROGRAM PLATFORM
ARCHITECTURE
MANAGEMENT ENGINEERING
RETAIL BANKING COMMERICAL BANKING PRIVATE BANKING
BUSINESS
UNITS
Program Platform Program Platform Program Platform
Architecture Architecture Architecture
Management Engineering Management Engineering Management Engineering
Business Unit Specific Capabilities Business Unit Specific Capabilities Business Unit Specific Capabilities
Product Program/ Product Program/ Product Program/
Owner Project Manager Owner Project Manager Owner Project Manager
DELIVERY
TEAMS
API Business API Business API Business
Engineer Analyst Engineer Analyst Engineer Analyst
Data Solution Data Solution Data Solution
Modeler Architect Modeler Architect Modeler Architect
Source: Accenture, April 2019
11 HOW BANKS CAN THRIVE IN AN API ECONOMYECOSYSTEM MANAGEMENT
In an interconnected world, good ideas come Facilitate Engagement – Engaging in a “fintechs
from many different sources. Banks can no longer are welcome” approach boosts innovation and
rely solely upon their internal resources and opens new revenue streams. Organizing user
capabilities but should collaborate, build networks and/or designer-led hackathons, “sandboxing”
and welcome new thinking—whether it originates of dummy APIs to test viability and unearthing
inside or outside the organization. In the API new use cases are some ways of encouraging
economy, an organization’s “success” depends this interaction. Easy onboarding, a simple legal
in part on its ability to create and/or participate framework, clear documentation and flexible
in an ecosystem and then draw greater value pricing models are other features that encourage
from it.5 Banks should consider a variety of ecosystem engagements. And, as discussed in
factors to encourage this engagement with other Accenture’s report “A New Era – Open Platform
innovative providers and the developer community Banking,” banks can take ecosystem engagements
(see Figure 4). There is an opportunity for banks further by creating platform-based associations.
to lead innovation, form forward looking alliances
and consortiums, and promote new ideas— Monetization – “Ecosystem play” in banking is
thereby changing the overall fabric of the industry. relatively new. Banks should work on developing
monetization models to create new revenue streams
Developer Portal – A Dev portal is the first port from their API-based offerings. Banks can use a
of call for developers who are interested in using variety of pricing models such as pay as you go,
banks’ APIs. Drawing developers in by providing tiered pricing, “freemium” and revenue sharing. To
a “best-in-class” capability with clear documentation, unlock the full potential of their API-based products
easy-to-use registration processes and first-class and services, banks should also look at specialized
support helps with effective API deployment. products with features such as end-to-end tracking,
revenue sharing, loyalty, and access to accounts.
Figure 4. API Ecosystem Roadmap
New ideas Apps published
used to on websites
build apps Developer and app stores
networks
Engage
developer
communities Revenue
stream
Innovation and Revenue App stores
hackathons stream and websites
API
Engage
Downloaded
developer
or accessed
communities
Exposed data
and services
Happy
customers
Banks and
Build financial Customers
new APIs institutions
Revenue
Source: Accenture, April 2019 stream
12 HOW BANKS CAN THRIVE IN AN API ECONOMYADDITIONAL CONSIDERATIONS
FOR EFFECTIVE API ADOPTION
While the four pillars are Security – While APIs allow banks to easily
interact with external parties, they also expose
essential to an effective API banks to the risk of being attacked by malicious
transformation, there are other parties. APIs are inherently secure in nature,
factors for banks to consider unlike screen scraping-based methods where
customers are required to share credentials with
in moving to API-led technical third parties and thus create attack surfaces for
and business models. man-in-the-middle attacks. However, there is still
reason to make the overall infrastructure secure.
These include: To protect data and other assets, banks should
have a combination of network and infrastructure
Data – APIs allow the exchange of data security capabilities along with measures such as
throughout the organization. As a result, end-to-end data encryption, tokenization of data,
data ownership, data storage and security, and public key infrastructure (PKI) certificates.
and compliance with regulations such as Visit the Accenture Security site to see the latest
GDPR become of prime importance to banks. findings on enterprise security.
Any breach of data can cause not only monetary
and reputational damage, but could also deter Service Operating Models – Banks are not
customer trust, a key factor to realizing Open accustomed to digitally interacting with external
Banking. Firms should also understand the parties to sell their products and services.
overall corporate responsibilities related to This poses new challenges on how to price their
the data they collect and maintain, as is being offerings, how to bill their customers and even
done in the (AI) space. how to share revenues. Banks should develop
new operating models for the “ecosystem
play,” addressing issues such as pricing,
billing, revenue sharing and customer support.
13 HOW BANKS CAN THRIVE IN AN API ECONOMYWHERE TO START
A good start is essential Technology – Use as a facilitator to support
an API transition, leveraging relevant tools
to an effective transition and technical architecture guidelines.
to an API-led model. In our Governance – Provide the foundation for
experience, this begins with processes and interactions in a bank engaged
developing an organization- in API development.
wide API strategy rather Ecosystem – Drive innovation through
internal and external relationships while
than looking at APIs as part providing future-proof opportunities.
of information technology. An API-driven organization is the organization
As seen in Figure 5 below, there are actionable of the future. Thriving in an API economy
starting points in each of the four pillars. is key to unlocking new sources of business
These can help banks get their API programs value for banks across the globe. From new and
established on a strong foundation and lead profitable business models, to products and
to effective implementation of an Open Banking services that respond to customer needs and are
strategy, regulatory compliance, operational aligned to their busy lives, banks that take up the
efficiency and a competitive advantage. API journey in an organized, disciplined manner,
and with a clear and overarching strategy are
Approach – Take a business-driven positioned to compete and win in our digital world.
approach to pivot the banking organization
to an API-ready enterprise.
Figure 5. Steps to Effective API Management
OPEN BANKING STRATEGY
APPROACH TECHNOLOGY GOVERNANCE ECOSYSTEM
Pivot to an Decouple legacy Standardize the Provide a
agile enterprise systems of record governance model best-in-class
with clear KPIs developer portal
Promote adoption of Agile ways Focus investment on Roll out standardized API Roll out a state-of-the-art
of working and use of DevOps reengineering systems of governance model across all developer portal to facilitate
concepts as pre-requisite for record to become decoupled business units with clear KPIs adoption of APIs and attract
API delivery at speed and scale with API-only access driving the right behaviors the best talent
Implement unified Activate external �
Move toward
Design ecosystems
API management a federated
for reuse & position for
platform operating model
API economy
Build well-defined APIs with Streamline and standardize Target operating model with Activate the ecosystem
clear ownership and reward automated API management central teams setting the and reap commercial benefits
for reuse platform direction for federated execution through API monetization
of internal and external APIs
CHANNELS PRODUCT LINES
CORE SYSTEMS
Source: Accenture, April 2019
14 HOW BANKS CAN THRIVE IN AN API ECONOMY15 HOW BANKS CAN THRIVE IN AN API ECONOMY
Contact us 5
“A New Era – Open Platform Banking,”
Accenture, 2018. Access at: https://www.
Carmina Lees accenture.com/t20180601T092019Z__w__/
Managing Director us-en/_acnmedia/PDF-79/Accenture-Open-
Financial Services Technology Advisory Platform-Banking-New-Era.pdf
carmina.lees@accenture.com
Amit Mallick
About Accenture
Managing Director
Accenture is a leading global professional
Accenture Digital
services company, providing a broad range of
amit.mallick@accenture.com
services and solutions in strategy, consulting,
Thomas Paar digital, technology and operations. Combining
Senior Manager unmatched experience and specialized skills
Financial Services Technology Advisory across more than 40 industries and all business
thomas.paar@accenture.com functions—underpinned by the world’s largest
Elodie de Fontenay delivery network—Accenture works at the
Senior Principal intersection of business and technology to help
Financial Services Technology Advisory clients improve their performance and create
elodie.b.de.fontenay@accenture.com sustainable value for their stakeholders. With
477,000 people serving clients in more than
Kateryna Pimakhova 120 countries, Accenture drives innovation
Consultant to improve the way the world works and lives.
Financial Services Technology Advisory Visit us at www.accenture.com.
kateryna.pimakhova@accenture.com
Disclaimer
This document is intended for general informational
References purposes only and does not take into account the reader’s
1
“The Strategic Value of APIs,” Harvard Business specific circumstances, and may not reflect the most current
Review, January 7, 2015. Access at: https://hbr. developments. Accenture disclaims, to the fullest extent
permitted by applicable law, any and all liability for the accuracy
org/2015/01/the-strategic-value-of-apis
and completeness of the information in this document and
2
“The State of APIs – 2016 Report on Impact for any acts or omissions made based on such information.
of APIs on Digital Business,” Apigee. Access Accenture does not provide legal, regulatory, audit, or tax
advice. Readers are responsible for obtaining such advice from
at: https://pages.apigee.com/rs/351-WXY-166/
their own legal counsel or other licensed professionals.
images/apigee-state-of-APIs-report-2016-03.pdf
3
“Payments and API Banking: Riding the Stay Connected
Third Wave of API Innovation to Enable the Accenture Financial Services Technology Advisory
Digital Economy,” Finastra and Accenture, www.accenture.com/us-en/services/financial-services/
technology-advisory-index
2018. Access at: https://www.finastra.com/
viewpoints/market-insights/payments-api- Connect With Us
banking-riding-third-wave-api-innovation www.linkedin.com/showcase/16197660/
4
“Welcome To The API Economy,” Forbes, August Follow Us
twitter.com/TechAdvisoryFS
29, 2012. Access at: https://www.forbes.com/
sites/ciocentral/2012/08/29/welcome-to-the-
api-economy/#54a3bd763a21
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